The Basic Attention Token (BAT) is an Ethereum-based cryptocurrency that creates a transparent and decentralized advertising experience while benefiting users, publishers, and advertisers. Basic Attention Token is digital innovation aiming to revolutionize the $330 billion digital advertising industry by creating a blockchain-based digital advertising exchange that eliminates any chance of fraud.
This article is designed to teach you everything you need to know about the project and how to buy Basic Attention Token. Read on to learn more.
The Reason for BAT
The Basic Attention Token forms part of Brave’s ecosystem of collaborative technologies and is an innovative approach to solving the problems in the digital advertising industry. The creators of BAT see current trends of data privacy violations, the growth of malware infestations, and increased demands on data and battery life as disadvantaging users, publishers, and advertisers alike.
They believe that the Brave Browser that connects publishers, advertisers, and users in a mutually beneficial system solves all problems. As a result, users benefit from heightened privacy, autonomy, ad relevance, and the ability to earn BAT for surfing the internet. Publishers find new sources of revenue, and advertisers get less expensive customer attention based on documented user content preferences and interests. They can also avoid fraud more efficiently.
What Is Basic Attention Token (BAT)
Brendan Eich and Brian Bondy are co-founders of Basic Attention Token (BAT). Their goal was to improve the security, fairness, and efficiency of digital advertising through blockchain technology. Brendan Eich is also the co-founder of Mozilla and Firefox and the creator of JavaScript. Brian Bondy is also a key figure in the development of Khan Academy, Mozilla & Evernote.
The Brave browser is fundamental to BAT and is an open-source, privacy-focused desktop browser that automatically blocks third-party ads and tracking. In 2019, the Brave browser introduced ‘Brave Rewards,’ an opt-in feature that pays users Basic Attention Tokens (BAT) to view advertisements and interact with them.
BAT is the native token of the Brave web browser and is an ERC-20 token that utilizes smart contracts to confirm user attention — allowing advertisers to verify both target audience and user engagement without infringing on privacy.
As of Oct. 13, 2021, there are 38.9 million monthly active users and 13.4 million daily users of the Brave browser.
How Does the Basic Attention Token (BAT) Work
Brave is an open-source privacy-centered browser designed to block all unnecessary ads, trackers, invasive cookies, and malware by default with Brave Shields. It also anonymously and securely tracks user attention with a built-in ledger system to improve users’ advertising experience. This is done by calculating the amount of time each advertisement is viewable to a user and the number of pixels they can see.
Publishers of digital advertisements are rewarded for user attention with Basic Attention Token. Brave matches content with advertisers that are genuinely relevant, while feedback mechanisms ensure that users receive advertising for the products they are most likely to buy. All of this data is encrypted and stored on the device only, and Brave protects the identities of its users.
Brave also utilizes anonymous user attention data to assist advertisers with targeting and fraud reduction.
BAT is the digital currency linked with attention value, which is calculated based on both incremental duration and pixels in view for any relevant advertising content.
Anyone using the browser can turn on the Brave Ads feature to get paid in Basic Attention Token for their time viewing advertising. They can also turn on the Brave Rewards feature which will automatically divide up their chosen monthly BAT token contribution between the sites they visit according to time spent on each.
Users can also tip their favorite content creators directly, either through the browser’s reward panel or by clicking the tip button next to the URL bar on sites such as YouTube, Twitter, and Reddit.
How BAT Is Distributed
Basic Attention Token has a total supply of 1.5 billion BAT tokens, almost all of which is currently in circulation. One billion BAT coins were sold to investors in the 2017 ICO. 200 million of the remaining tokens went to a development pool. The final 300 million BAT coins were reserved for a user growth pool to incentivize participation in the BAT ecosystem and reward early adopters.
The Basic Attention Token is a unit of exchange. It can provide an essential source of income for content creators and a means of payment for effective ad campaigns for advertisers.
Users who opt into advertising on the Brave platform receive a small portion of the Basic Attention Tokens distributed for their attention. They can use BAT to sell, tip publishers, purchase Brave premium services, etc. Advertisers pay BAT to capture users’ attention. Publishers earn the majority of BAT involved in a transaction.
Each month, BAT is transferred directly either to the Brave Wallet or to other Ethereum-compatible wallets. Users receive 70% of the tokens they earn, with the rest split between advertiser and Brave.
“Brave Payments” and the decentralized “Brave-Micropayment ledger” provide additional in-browser functionality for the cryptocurrency. They enable Brave-browser users to directly support content creators with BAT donations by pressing a button on a YouTube video or Tweet. Content creators with a verified Uphold account can convert BAT to fiat and transfer it to their bank accounts.
As more users opt for Brave’s browsing experience, they will need to purchase the Basic Attention Token. This could increase Basic Attention Token price and market cap in the future.
How to Buy Basic Attention Token (BAT)
To purchase the Basic Attention Token, follow the following steps:
1. Open an online account
You will have to create an account and sign up with a broker to buy BAT. Since BAT was launched only in 2017, not all exchanges or brokers will allow you to trade BAT. Ensure to choose a well-known broker to minimize chances of fraud. It would help if you also verified that the payment method is secure and safe on the platform. Note that transaction fees vary from broker to broker.
2. Buy an eWallet (optional)
You’ll need to set up a crypto wallet that can store your public and private keys. Your electronic wallet can directly interact with various cryptocurrency exchange platforms and lets you send and receive digital currency. There are several types of digital wallets you can choose from – Desktop wallet, Mobile wallet, Web wallet, Paper wallet, and Hardware wallet.
3. Make Your Purchase
To buy BAT, you must deposit money into your trading account via wire transfers and/or a credit or debit card. It is crucial to go through the list of available cryptos offered by online brokers before you begin trading. BAT is available on Kraken, CoinStats, Binance, and Coinbase. You should also compare the price and commission fees of BAT on different platforms before you begin trading.
How to Buy BAT on CoinStats
Basic Attention Token can currently be traded on CoinStats. Check out our blog for additional tips on crypto trading.
To buy BAT on CoinStats, all you have to do is create an account and start trading. Credit card payment options are currently available for U.S. users only.
How To Get Basic Attention Token for Free
Basic Attention Token shares 70% of its ad revenues with users. All you have to do is download the Brave browser, enable “Brave Ads” within the browser, and get notified about ads to earn free BAT while surfing the web.
You can also earn BAT by claiming random token grants worth 25-40 BAT. Enable “Brave Rewards” to be eligible for possible token grants. A notification will appear on the Rewards icon when a grant is available.
Follow our step-by-step guide on how to get free BATs below:
Step #1:
Download and install the Brave Browser. Brave Ads is currently available on the desktop app.
Step #2:
Launch the browser and click on the Basic Attention Token logo.
Step #3:
Click on Join Rewards.
Step #4:
Navigate to brave://rewards// and ensure that Brave Ads is on.
Step #5:
You will be presented with offers in the form of notifications. Engage with the notifications, view the ads, and you will earn a 70% revenue share from the viewed ad.
Step #6:
At the close of the Brave Rewards monthly cycle, you can claim your accumulated tokens. Soon you will be able to convert BAT to fiat currency through cryptocurrency exchange platforms.
Please note that Brave Ads are geo-restricted to the following countries: US, UK, Canada, Germany, and France. More geographies will be available soon.
Conclusion
The Brave Browser has a unique ledger system and shields for measuring user attention. It also loads pages faster than its competitors by blocking advertising and trackers.
The Basic Attention Token creates a new efficient marketplace, offering excellent opportunities for advertisers to reach valuable customers. It also grants users a share in ad revenue and the ability to tip their favorite content creators directly.
BAT has over 1 million verified content creators registering for BAT rewards.
More than 400 advertisers are part of the Basic Attention Token ecosystem, and the Brave Browser has reached 25.4 million monthly active users and 9.2 million daily active users.
